CRISIL Bogus Rating - Case of Infosys ESG Monitoring

  



DEFECTIVE BASIS 

CRISIL published reports on the ESG are bogus. This is demonstrated with the Infosys Case. The CRISIL has given top rating to the Infosys. This bogus rating is not reflecting the true status of the Infosys,  what it did exactly on the ESG Programmes. CRISIL do not verify or examine Third Party Assessment Audit Report. CRISIL gives rating as per published report from the entities available on the internet. The ESG Report published by INFOSYS of 2022-2023 is extremely beautiful with big words. This report is the only basis of CRISIL rating. This Infosys' report has hidden the Mass Illegal Lay-Off of employees in 2022 & 2023. This Lay-Off was continued till 2025. This Major Illegal Violation of Labour Law remains unreported in the Infosy's ESG Report. Ultimately this wrong report is  a matter of ESG rating. This is cheating with investor. Who blindly trusts ESG data published by the CRISIL for investment. This is right time to think that  CRISIL ESG Ratings are extremely defective, poor & bogus. The violation of "Social" side in the ESG Pillar of Infosys attracts 0 rating. But, the CRISIL has given top rating. 

The SEBI has mandatorily introduced the Third Party  Assessment for  the BRSR reporting. This audit report is important  basis of ESG Rating. Why CRISIL is not taking the pain to look the Third Party  Assessment Audit Report for  the BRSR Reporting ? This is a serious matter to think.  

The SEBI needs to put drastic changes in the method of  ESG rating. The Third Party Assessment Audit as introduced by the SEBI for the BRSR reporting is the milestone.   The ESG Report and BRSR Report filed by company should must be based on the Third Party Social Impact Assessment Audit Report. It should exhibit the final rating done by the auditor on the ESG Programmes and the BRSR Reporting. The audit report in original should be uploaded by the company  on the company's web site. Only the Third Party Audit Report be considered by the CRISIL or other agencies. If stated precaution is not taken then the ESG ratings are bogus, what the CRISIL has published. This is worst side of the Artificial Intelligence, where the Rating Agencies looked only the company generated wrong data only, published on the internet.     

METHOD OF RATING: 

CRISIL has a scale of 0–100 for ESG ratings, with 71–100 being the highest rating.  The CRISIL method needs re-evaluation. If Environment pillar is 100%, Governance Pillar is 100% but Social (Labour) Pillar is 0%. Then the combined rating based on  300 points shall attract 66%. Which shall appear here within the CRISIL rating at 61-70. This is  Strong Rating by CRISIL. The Investors shall be cheated here. The CRISIL method is wrong. If any one of the three pillars is 0%, then the other two pillars should must be negative. The combined rating hides the impact of negative reporting. The CRISIL has following defective ranking method:  

0–40 Weak

41–50 Below average

51–60 Adequate

61–70 Strong

71–100 Leadership

The published report from the Infosys are following: 

In 2022, Infosys received an "AA" rating from the MSCI ESG Assessment. 

In 2022, Infosys maintained its position in the Dow Jones Sustainability Indices (DJSI) for six consecutive years. 

In 2022, Infosys received a gold medal for CSR practices from EcoVadis. 

The CRISIL if not using mind properly, shall receive wrong data impression based only on the three facts published above. 

This is demonstrated that Infosys says big words. But in action and reality there is a blot on the face of the Infosys. The Mass Illegal LAY-OFF of employees remains  unreported in 2022 and 2023.This is one of the several examples which remains non reported by the company. Investors may be deceived easily if CRISIL not changing poor practice. The ESG pillars of the Infosys are broken. Out of the three pillars, one pillar is broken. The broken pillar can't be compensated by  the other two pillars. If I am the investor, then any investment is not considered,  if one of the three pillars, of the ESG is broken. There is evident risk. This risk remains unreported in present time in CRISIL. This is bogus rating.          


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